Fully digital mortgage now a reality in Canada

Fully digital mortgage now a reality in Canada

Ontario-based Alterna Bank says it has launched “Canada’s first and only end-to-end digital mortgage”.

“In the time it takes to get a traditional mortgage, you could lose out on three or four homes. Buyers are put through the wringer, forced to make multiple appointments, going from branch to branch to haggle for the best rate. It’s nonsensical,” says Rob Paterson, president and CEO of Alterna Bank.

“Buyers should be spending their time finding the perfect home, not running around for the perfect mortgage. Our goal is to dramatically simplify what we believe to be an unnecessarily convoluted process by leveraging technology to save our customers valuable time and energy.”

According to the bank, its new platform provides “a truly digital mortgage borrowing experience”, from fast mortgage pre-approvals (often within minutes) to remote income verification and funding “via an extremely user-friendly interface”.

Alterna has joined forces with a domestic fintech start-up, Lendful Financial, to create the offering. Alterna Bank’s parent, Alterna Savings, is an investor in Lendful.

The online application is compatible with all digital devices, according to the bank.

Following mortgage pre-approval, the platform uses Salesforce software and workflow to provide the customer with a step-by-step guidance on completing the application and document exchange.

Alterna will also have mortgage experts available by email of phone.

At the back-end, both Alterna Bank and Alterna Savings use the Wealthview core banking system, a long-standing domestic development that today resides with Fiserv.